Keys to a Successful Onboarding of a High-Net-Worth Client

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The “White-Glove” Experience of a High-Net-Worth Client Starts at Onboarding for Plumb Family CFO

The onboarding of a high-net-worth client sets the tone of the entire relationship according to Plumb Family CFO, which provides family bill pay, consolidated personal reporting and cash flow management services exclusively to the high-net-worth.  As you can image, there is a lot of financial data and vendor information to collect upfront in order to provide these services, so Plumb Family CFO has developed a system to make the onboarding process easier.  It’s simple; it starts with a conversation and customized approach.  White-Glove: marked by special care of attention: meticulous | white-glove service.

“By taking the time to schedule a meeting and get on the phone with a new client or their designated assistant, it makes a huge difference,” said Robert Scherer, President of Plumb. “By walking them through the details and getting answers over the phone, it’s much more efficient than just sending over stacks of paperwork in hopes that it eventually gets filled out correctly,” he said.

Plumb Family CFO has been working with high-net-worth clients for many years, ranging from busy entrepreneurs and investors to even busier affluent families.  They decide to utilize the services of Plumb to make their financial life easier, so onboarding should be as painless as possible. The process for a client to be formally onboarded can happen quicker with the help of a personal assistant or their single family office team. To help answer questions upfront, here is a list of FAQ.

Before starting a new relationship with a prospective high-net-worth client, Plumb sets the expectations of the onboarding lifecycle upfront.  After the initial information is gathered, it is immediately entered into a task-specific software system, complete with a financial calendar of due dates. Within 30 – 60 days, the family bill pay service is fully automated and operates on an ongoing basis.

High-Net-Worth Client Onboarding Process for Plumb Bill Pay:

Plumb has a Client Relationship Manager that leads the efforts for a new client onboarding. With a sense of ownership over a new account, the tasks get taken care of by one dedicated team member. During the duration of the setup phase, Plumb provides weekly status updates with the client or family office team in regards of the progress and items needed to finalize the transition. By having a conversation with the prospective high-net-worth client, Plumb can identify their reporting and transactional needs.

Step 1: Request for information – Gather client details

Step 2: Determine invoice approval process

  • Setup for invoices to be received via email or Plumb-specific PO box
  • Frequency of bill pay
  • Set thresholds and parameters for recurring bills
  • Limits for signing authority

Step 3: Create reporting requirements

Step 4: Plumb to prepare new client schedules – Setup system map into internal task management software

  • Calendar of financial due dates
  • Client insurance schedule
  • List of assets (properties, funds, etc.) that require bill payment/capital calls
  • List of loans that require bill payment

Step 5: Plumb to prepare electronic filing procedure

  • Create remote access or read-only access to documents on accounting software
  • Ability to produce customized reports to download

 

 

Bill Pay Process

Once the onboarding phase is complete, Plumb will engage in the following tasks on a weekly/monthly basis:

  • Bill payment
  • Vendor management
  • Bank and credit card reconciliations
  • Track all bills / due dates in proprietary task management software
  • Monthly cash flow reporting
  • Ad hoc reporting (i.e. GL detail reports)
  • Customized reporting for trusted advisors  – Read: Top Ways that Plumb Works with Trusted Advisors
  • 1099/1096 filings
  • Year end reconciliations and general ledger review
  • Supply supporting documents for taxable deductions to the CPA

Confidently manage your monthly expenses with personal bill pay service from Plumb

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Plumb Family Bill Pay Services: Organize Your Financial Life

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Plumb Bill Pay Family & Personal Bill Pay Services

Family bill pay services is a featured offering of Plumb Family CFO.  Depending on need and the complexity of your financial affairs, family or personal bill pay can be a stand alone service or used in conjunction with financial reporting, budgeting or expense tracking.  See full list of services. 

As a professional and reliable firm, in business for over 20 years, Plumb sets up processes and procedures to execute family bill pay.  It first starts with collecting bills and vendor information, resulting in a comprehensive list of vendor and account information.  In the client setup phase, a financial calendar of due dates and bill payment procedures are produced.  Not only are your bills paid on a timely basis, but monitored, reconciled, and reviewed.

Family bill pay pricing >> click here

“Thank you for all that you have done for my family.  Your team is proactive and trustworthy and has provided us with such great confidence now that our finances are in order.  What a relief!” – HNW Family Bill Pay Client 

 Why Use Family Bill Pay Services?

  • Do you have too many bills to keep track of all the time?
  • Do you want to spend more time with your family and enjoy your wealth?
  • Are you a frequent traveler and need help paying your bills while out of town?
  • Are you disorganized or overwhelmed with paperwork and financial organization?
  • Is anyone in your family suffering from an age- or disability-related challenge?

Bill Payment Procedure:

Plumb Family CFO created a 4-step bill payment process with segregation of duties and different levels of review. By following checks and balances, clients can enjoy peace of mind knowing that their assets and bills are being monitored by an independent firm with a long history of continuity and confidentiality.

Financial Calendar of Due Dates:

Vendor Information Sheet: In order for Plumb Family CFO to handle the bill pay services of clients, information is collected at the beginning of the engagement, including a comprehensive list of vendors and account information.

Personal Vendor List: A detailed chart of all incoming bills, divided by property is set up.  This vendor list is used as a reference  for each bill, with due dates, payment methods and any special notes.

Financial and Administrative Calendar of Due Dates: This report tracks bills that occur during a quarterly, yearly or semi-annual basis.

 

Could your family benefit from Plumb bill pay services?  Fill out this form for a customized pricing quote.



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Five Signs That You Need a Back-Office Family CFO

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What is a Back-Office Family CFO?

At Plumb Family CFO, our idea of a “Back-Office Family CFO” is a team of outsourced accountants who handle the financial reporting, bill pay, and cash flow management of a high-net-worth family, rather than having one single Family CFO who takes care of all the tasks associated with a complicated financial life.  A back-office Family CFO, using the Plumb Family CFO approach typically works off-site to handle the accounting and bill pay work remotely, yet still delivers accurate and timely financial information to the client.

Here is a list of five signs that you need a Back-Office Family CFO:

1. Missing due dates and incurring late payments.

You become overwhelmed with the amount of mail received on a daily basis and the pile of bills and due dates keep stacking up.  With so many properties, automobiles, credit card statements, household employees and recurring bills, they are hard to keep track of and get paid in a timely fashion.  Any incurred late payments can lead to damaging credit scores.

Plumb Family CFO offers comprehensive bill pay services for families and individuals.  We oversee your monthly expenses, initiate payments, reconcile your accounts and track your credit card statements.  That way, you never miss a bill and have your credit cards monitored at the same time.  We also provide weekly or monthly cash flow reports, so you know exactly how much cash is coming in and how much cash is being paid out.

Want to learn more about the family bill pay service offered by Plumb?  Click here for a list of frequently asked questions.  Ready for a quote? Answer these questions and we can prepare a proposal based on the amount of accounts to track and bills to pay.  Request a Quote

2. Trouble with keeping track of multiple entities, investments, rental properties and trusts.

You may be the head of the household, but it feels like you a running a multimillion dollar company.  With great wealth comes great responsibility.  Your family’s financial life is complex with multi-faceted undertakings, such as corporate entities, private equity, international exposure, homes and rental properties, and alternative investments. This is a sign that you need help with your personal accounting needs.

Plumb Family CFO delivers financial peace of mind by helping affluent families organize, coordinate and navigate through their financial affairs.  Working in partnership with the family’s team of trusted advisors, we provide the highest quality data and financial reporting to establish a complete view of your assets and financial holdings.

See examples of personal financial reports & analysis that we provide:

  • Statement of Cash Flow
  • Net Worth Statement
  • Family Monthly Budget
  • Vacation/Second Home Expenses
  • Bill Pay Reports

3. You do not have a clear picture of your wealth.

With so many investment accounts, credit card statements and bank accounts, it’s hard to see a clear view of overall wealth.  At Plumb Family CFO, we work with your personal financial team to gather all the information tied to your family’s assets and turn it into a one-page summary of net-worth.  The financial reports we provide are detailed, holistic, and customized to your preference. In order to make better decisions about your wealth, it is important to have up-to-date financial data.

Read: Retain your Family Wealth by Organizing your Financial Life

4. Financial paperwork is not organized for tax season.

Tax deadline is looming and your CPA is working frantically to gather all your necessary paperwork to calculate the right deductions and track all your income and expenses.  It’s costing your family more time and money working with your CPA, because you do not have your financial house in order.

Plumb Family CFO works with their high-net-worth clients to provide an Annual Tax Organizer which is an audit-proof package that allows for maximized standard deductions.  Additionally, we provide your CPA with quarterly reports to adjust estimated tax payments as needed to avoid annual penalties and interest charges from the IRS or Franchise Tax Board.

Learn More: Plumb Family CFO Annual Tax Organizer

5. Too much time is spent handling household finances and not enjoying your wealth.

A good amount of your free time is spent handling household finances and it has become too complex to track properly.  Your family has acquired a team of trusted advisors to help you handle the maze of legal issues, tax planning, and investments, yet you don’t have a consolidated view of your overall wealth.

Why not outsource your personal accounting and family bill pay needs to a trusted and reliable firm with over 20 years of experience working with affluent families and corporations?

See how these families benefited from engaging with Plumb, back-office Family CFO:

Back-Office Family CFO Services by Plumb

If any of these items on the list applies to you and your family, Plumb Family CFO can help.  We are not a wealth management firm and do not recommend investment strategies. We are not a CPA firm and do not file tax returns.  Simply put, we are a back-office Family CFO with a team of personal accountants that have experience working with high-net-worth and their specific needs.  Plumb Family CFO works in partnership with your financial team to provide the highest quality data to help them make better decisions about your wealth and financial planning.

Want to learn more?  Here is a list of the top frequently asked questions about the clients and services offered by Plumb Family CFO.  

Accounting Services Include:

  • Family bill pay – including mail management & vendor management
  • Producing monthly financial statements
  • Cash flow reporting
  • Personal financial reporting & analysis
  • Bank and credit card reconciliation
  • Investment account reconciliation
  • Budgeting services and reporting
  • Household employee payroll services
  • Foundation and trust accounting
  • Annual tax organizer for the CPA

Are you ready to take control of your financial life and start enjoying your wealth? Schedule a consultation with Plumb Family CFO today:

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Plumb Family CFO Asks: Who’s Managing your Wealth?

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A top priority for affluent families is managing wealth.

To make things clear, Plumb Family CFO does not provide services that manage wealth or advise on investment strategies. Plumb Family CFO works with their client’s personal financial team to provide an accurate view of wealth through consolidated reports and financial statements.  Consistent communication with the family’s professional advisers leverages their total expertise and provides a backdrop to make better financial decisions to sustain wealth.

family office services

In this article, written by Tony Robbins for MarketWatch, he gives his opinion on how to take charge of your money and managing wealth by knowing the difference between a financial adviser, broker-dealer and an independent registered investment adviser.  Go to Tony Robbins person website >> here

Managing Wealth: Considerations for Choosing a Financial Adviser

These statements are taken from a series of articles written by Tony Robbins who explains how to improve investment and personal-finance skills. Managing wealth is a complex topic and by knowing the answers to these questions it will help you learn the financial system better.

  1. What’s the difference between a Financial Adviser, Wealth Manager, or Investment Consultant vs. Registered Investment Adviser?
  2. Does the investment firm have an affiliation with a Broker-Dealer?
  3. Does the firm offer proprietary mutual funds or separately managed accounts?
  4. Does the firm receive any third-party compensation for recommending particular investments?
  5. Where is the money held?
  6. Does the firm offer any financial planning services beyond investment strategy or portfolio management?

Managing wealth can include various tasks outside of financial planning and investment.  This is where Plumb Family CFO can help by handling personal accounting services not provided by the client’s CPA or family office.  Read: “Top Ways that Plumb Family CFO Works with Trusted Advisers”

Plumb Family CFO Provides:

Gain Financial Peace of Mind with Plumb Family CFO.  For more information…

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